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Northstar Financial Services Ltd. Closes Acquisition of Scottish Re Wealth Management Business

Northstar News

HAMILTON BERMUDA – Northstar Financial Services Ltd. (“Northstar”) today announced the closing of its acquisition of the wealth management business of Scottish Re Group Limited (“Scottish”). Under the terms of the transaction, Northstar will purchase all shares of Scottish Annuity & Life International Insurance Company (Bermuda) Ltd., Scottish Annuity & Life Insurance Company (Bermuda) Limited and The Scottish Annuity Company (Cayman) Ltd. effective July, 1st,2008. The acquisition will add approximately USD $550 million of separate account assets to Northstar’s consolidated balance sheet.

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